钛媒体App 11月24日消息，当前，国债发行进入密集期。11月24日，财政部招标发行970亿元记账式附 息国债和600亿元记账式贴现国债。11月26日，还有2只短期国债将发行。专家表示，国债密集发行是积 极财政政策持续发力的重要体现。后续积极财政政策取向料延续，应用好用足特别国债、专项债等工 具，加强国债资金监管考核，确保政策效能充分释放，护航稳增长。 (中证报) ...

相较去年，今年超长期特别国债发行规模加大，发行节奏加快，彰显其支持"两重""两新"的关键作用。 从规模看，今年超长期特别国债发行规模达1.3万亿元，比去年增加3000亿元。从节奏看，今年超长期 特别国债首发时间比去年提前约一个月，发行完毕时间也相应提前，推动资金尽早落地见效。 中诚信国际研究院院长袁海霞表示，今年发行1.3万亿元超长期特别国债是财政政策更加积极的重要体 现，或拉动2025年GDP增长1.7个至1.9个百分点，为实现经济增速目标提供重要支撑，也为重点领域和 长期项目建设提供了稳定资金来源。 白彦锋认为，四季度国债发行筹集的资金将用于更好支持实施"十五五"规划等国民经济发展中长期安 排。同时，四季度的国债发行会更加关注市场流动性走向，加强与货币政策之间的协调配合。 当前，国债发行进入密集期。11月24日，财政部招标发行970亿元记账式附息国债和600亿元记账式贴现 国债。11月26日，还有2只短期国债将发行。 专家表示，国债密集发行是积极财政政策持续发力的重要体现。后续积极财政政策取向料延续，应用好 用足特别国债、专项债等工具，加强国债资金监管考核，确保政策效能充分释放，护航稳增长。 发行节奏加快 ...

● 本报记者 熊彦莎 专家表示，国债密集发行是积极财政政策持续发力的重要体现。后续积极财政政策取向料延续，应用好 用足特别国债、专项债等工具，加强国债资金监管考核，确保政策效能充分释放，护航稳增长。 发行节奏加快 国债密集发行彰显出积极财政政策持续发力。专家认为，后续财政政策将延续积极取向，通过扩大债券 工具使用、优化资金投向，进一步巩固经济稳中有进势头。（下转A02版） （上接A01版）财政部部长蓝佛安近日表示，要坚持积极取向，加强逆周期和跨周期调节，根据形势变 化，合理确定赤字率和举债规模，组合运用预算、税收、政府债券、转移支付等工具，用好政策空间， 保持支出强度，形成对经济社会发展的持续支撑。 作为"十五五"开局之年，2026年的财政政策备受关注。袁海霞认为，明年应用好用足特别国债、专项债 等工具，提振社会信心，扩大有效需求，进一步发挥财政政策稳增长、扩内需、惠民生的作用。 在资金投向上，袁海霞建议，提升财政发力的民生含量，同时聚焦现代化产业体系与基础设施升级，坚 持智能化、绿色化、融合化方向，继续加大支持经济转型发展中的新领域。 近段时间，国债发行较为密集。根据财政部2025年第四季度国债发行计划，今 ...

在高市早苗出任自民党总裁后，日本股市曾经高开高走，日经平均股价冲破48000点，创下了历史新 高，而在她就任日本首相后，日本股价更是迅速地突破50000点的大关，似乎她积极财政的主张和金融 缓和的要求能使安倍经济学的效应卷土重来，一些分析甚至称之为"早苗经济学"。但实际上，安倍经济 学的手法早已经不适应目前的日本经济状况。目前日本经济状况已经与2013年不可同日而语，那时日本 处在通货紧缩、日元升值的悲观形势下，而当下的日本已处在通货膨胀而日元贬值的状况中，还有美国 关税政策的问题，日本的国家债务更是高出GDP的2倍以上。事实上，日本并没有多少余地可以落实大 胆的财政和宽松的金融政策，也就是说，高市早苗希望通过激进的经济政策来刺激扩大供应能力，制造 和维持需求过剩状态，从而拉动经济的想法早已不合时宜。 虽然市场对高市早苗的经济政策普遍地表示了担忧，但她却不能有效地缓解市场的忧虑。在日本政府11 月21日通过的综合经济对策里，包括了减税及物价对策、危机管理投资、强化国防外交建设等内容，其 支出规模达21.3万亿日元，其中补充预算额为17.7万亿日元，大幅度超出了市场的预测。在新冠疫情发 生前，日本政府每年的补充 ...

只是具有讽刺意义的是，虽然日本政府把对应物价居高不下的问题当作首要的经济问题，但从今年度补充预算案来看似乎并不是重点。因为所 谓的积极的财政政策，势必会和实际利率下降、日元贬值等因素混合在一起，相互促进，进一步抬高日本的物价水平。已经有市场人士批判日 本政府实际上并没有把解决物价居高不下问题当作首要任务，而是更热心地促进所谓的危机管理投资，这部分投资竟占了补充预算的三分之 一。日本政府之所以编制了物价对策的预算，主要是因为执政的自民党在国会参众两院的席位都没有过半，若不接受其他政党的主张是难以过 关的。结果，大拼盘式的物价对策很难切实地聚焦社会的实际情况，徒然增加预算，反而进一步恶化了财政状况。高市早苗这样的政策不仅很 难产生促进民间投资的效果，而且会大概率地增加巨额政府债务。因为这种危机管理投资是旨在强行代替进口，这与自由贸易背道而驰。结 果，违背经济原理的措施只能让日本企业的生产效率继续下降，迫使日本国民不得不购买没有性价比的产品。 不合时宜的积极财政，会进一步恶化日本财政，使得日本的财政赤字更加扩大，对此，只能通过扩大国债的发行来弥补财政的缺口。日本这种 失去财政纪律制约的国债发行，势必会引起债券市场的 ...

Domestic Macro - On November 14, Premier Li Qiang chaired a State Council executive meeting to discuss the implementation of the "two重" construction work [5][16] - On November 17, Vice Premier He Lifeng co-hosted the fourth high-level financial dialogue between China and Germany [5][16] - On November 18, Premier Li Qiang stated at the Shanghai Cooperation Organization meeting that increasing tariffs and trade barriers severely impact international trade order, urging all parties to embrace free trade and reduce barriers [5][16] - On November 19, Vice Premier Zhang Guoqing conducted research on the digital transformation of manufacturing and innovation development of state-owned enterprises in Guizhou and Chongqing [5][16] - The National Immigration Administration announced the expansion of ports issuing valid travel permits for Taiwan residents to 100 starting November 20 [5][16] - On November 20, the Ministry of Finance and the Ministry of Commerce officially announced a list of 50 cities proposed for new consumption models and scenarios pilot [5][16] Industry Policy - On November 14, the People's Bank of China released the "Interbank Market Brokerage Business Management Measures" [6][18] - On November 15, the State Administration for Market Regulation published a notice soliciting opinions on the "Antitrust Compliance Guidelines for Internet Platforms" [6][18] - On November 17, the Ministry of Commerce decided to conduct a final review investigation on anti-dumping and countervailing measures applicable to imported propanol from the United States [6][18] - On November 18, the Ministry of Industry and Information Technology issued the "High-Standard Digital Park Construction Guidelines" [6][18] Local Policy - On November 14, a press conference was held in Hebei regarding the "14th Five-Year" high-quality development plan [7][19] - On November 15, Jiangsu Province raised the subsidy standard for automobile consumption promotion, with a maximum subsidy of 10,000 yuan [7][19] - On November 18, Beijing introduced a financial support plan to boost and expand consumption [7][19] - On November 19, the Beijing-Tianjin-Hebei region signed a collaborative innovation action plan for the free trade pilot zone [7][19] - On November 20, the Guangdong Provincial Government issued a plan for the construction of a national digital economy innovation development pilot zone from 2025 to 2027 [7][19] Overseas Dynamics - On November 14, China and Switzerland held the third round of negotiations to upgrade the free trade agreement in Beijing [8][20] - On November 17, China expressed strong protests to Japan regarding comments made by Japanese Prime Minister Fumio Kishida on Taiwan [8][20] - On November 18, Premier Li Qiang met with Russian President Vladimir Putin in Moscow, emphasizing the commitment to enhance bilateral cooperation [8][20] - On November 19, the U.S. and Saudi Arabia officially signed a strategic partnership agreement on artificial intelligence [8][20] - On November 20, the Ministry of Foreign Affairs stated that there were no arrangements for a meeting between Chinese and Japanese leaders during the G20 [8][20]

Group 1 - The core viewpoint of the articles highlights the proactive fiscal policies implemented in China, with significant increases in fiscal spending aimed at supporting economic recovery and enhancing social welfare [1][5][6] - In the first ten months of this year, the broad fiscal revenue was approximately 22.1 trillion yuan, showing a year-on-year growth of about 0.2%, while broad fiscal expenditure reached around 30.7 trillion yuan, with a year-on-year increase of approximately 5.2% [1][2] - The broad fiscal expenditure exceeded revenue by about 8.6 trillion yuan, marking a year-on-year increase of 21%, indicating a strong commitment to maintaining fiscal support for the economy [1][3] Group 2 - The national general public budget expenditure for the first ten months was approximately 22.6 trillion yuan, with a year-on-year growth of 2%, particularly in social security and employment, education, and health care, which all saw growth rates exceeding the average of 2% [2][3] - Notably, social security and employment expenditure surged by 9.3%, reflecting the government's focus on enhancing the welfare of families [2] - Infrastructure spending within the national general public budget has declined, with agricultural, forestry, and water expenditures down by 11.7%, and urban and rural community expenditures down by 7.3% [3][4] Group 3 - To maintain fiscal spending levels, new incremental policies have been introduced, including the allowance for local governments to issue an additional 500 billion yuan in special bonds [5][6] - These special bonds are expected to be rapidly issued starting in November, with over 10 billion yuan already issued in the first 19 days of November [6] - The new policy financial tools have been fully deployed, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on sectors such as digital economy, artificial intelligence, and urban infrastructure [6]

2025.11.21 本文字数：1612，阅读时长大约3分钟 作者 |第一财经 陈益刊 今年以来中国财政政策更加积极，财政支出保持一定力度，推动经济持续回升向好。 根据财政部最新数据测算，今年前10个月，广义财政（即全国一般公共预算和全国政府性基金预算）收 入约22.1万亿元，同比增长约0.2%；广义财政支出约30.7万亿元，同比增长约5.2%；广义财政支出超过 收入约8.6万亿元，同比增长约21%。 广义财政支出规模及增速，是衡量财政政策积极程度的关键指标。在今年以来广义财政收入基本与去年 同期持平情况下，广义财政支出保持5.2%的增速，明显高于收入增速。这说明积极财政政策发力，财 政支出保持一定力度。广义财政支出增速与前三季度经济增速（5.2%）持平，支持了经济平稳运行。 从财政支出结构来看，今年财政资金明显向民生领域倾斜，这也与今年政府工作报告提出推动更多资金 资源"投资于人"相契合。 与民生关联最为紧密的是全国一般公共预算账本。根据财政部数据，今年前10个月，全国一般公共预算 支出约22.6万亿元，同比增长2%。其中与民生关联最为紧密的社会保障和就业支出（3.8万亿元）、教 育支出（3.4万亿元）、卫 ...

Core Viewpoint - China's fiscal policy has become more proactive this year, with fiscal spending maintaining a certain level of intensity, which supports the continuous recovery of the economy [3]. Fiscal Revenue and Expenditure - In the first ten months of this year, the broad fiscal revenue was approximately 22.1 trillion yuan, a year-on-year increase of about 0.2%, while broad fiscal expenditure was about 30.7 trillion yuan, a year-on-year increase of 5.2% [3]. - The broad fiscal expenditure exceeded revenue by approximately 8.6 trillion yuan, a year-on-year increase of 21% [3]. Fiscal Spending Structure - The structure of fiscal spending has shown a clear tilt towards the livelihood sector, aligning with the government's report advocating for more resources to be "invested in people" [4]. - In the first ten months, the general public budget expenditure was approximately 22.6 trillion yuan, with social security and employment spending reaching 3.8 trillion yuan, education spending at 3.4 trillion yuan, and health spending at 1.7 trillion yuan, all showing growth rates above the average of 2% [4]. Infrastructure Spending - Due to increased funding directed towards livelihood, infrastructure spending in the general public budget has seen an overall decline [5]. - Expenditures on agriculture, forestry, and water, as well as urban and rural community spending, decreased by 11.7% and 7.3% respectively [7]. Government Fund Expenditure - Government fund budget expenditure was approximately 8.1 trillion yuan, a year-on-year increase of 15.4%, primarily due to accelerated use of bond funds [7]. - The issuance of special bonds and long-term special treasury bonds has supported the commencement of numerous major projects, stabilizing investment and the economy [7]. Future Fiscal Policy Measures - To maintain a certain level of fiscal spending, new policies have been introduced, including allowing local governments to issue an additional 500 billion yuan in special bonds [9]. - As of mid-November, over 10 billion yuan in new special bonds had been issued, surpassing the total for October [9].

增量政策已经陆续出台。 今年以来中国财政政策更加积极，财政支出保持一定力度，推动经济持续回升向好。 根据财政部最新数据测算，今年前10个月，广义财政（即全国一般公共预算和全国政府性基金预算）收入约22.1万亿元，同比增 长约0.2%；广义财政支出约30.7万亿元，同比增长约5.2%；广义财政支出超过收入约8.6万亿元，同比增长约21%。 广义财政支出规模及增速，是衡量财政政策积极程度的关键指标。在今年以来广义财政收入基本与去年同期持平情况下，广义 财政支出保持5.2%的增速，明显高于收入增速。这说明积极财政政策发力，财政支出保持一定力度。广义财政支出增速与前三 季度经济增速（5.2%）持平，支持了经济平稳运行。 从财政支出结构来看，今年财政资金明显向民生领域倾斜，这也与今年政府工作报告提出推动更多资金资源"投资于人"相契 合。 中国银河证券研报分析认为，去年同期基数走高是支出同比增速下滑的主要原因。另外，新增政府债大量额度在上半年集中使 用，前置发力导致后劲不足。 与民生关联最为紧密的是全国一般公共预算账本。根据财政部数据，今年前10个月，全国一般公共预算支出约22.6万亿元，同比 增长2%。其中与民生关联最 ...